Another $2000 Stimulus Package! Who Gets it and When (The Big Picture)

There's another Stimulus Bill on the hill where you could get $2000 a month. It is the EMPA (Emergency Money for the People Act) and it includes the most inclusive stimulus package we've seen so far.
Once it passes, it could mean $2000 in monthly payments for every qualifying person for at least the next 6 months, if not a year!
And even more people qualify for this one. I mean a lot!
Who Qualifies?
Anyone who makes less than $130,000. (Which is way less than the $75k threshold for the $1200 check.) This will double if you’re married.
It will then be $50 less per thousand after the $130,000 income amount, just like the CARES Act.
This one only covers up to three children at $500 a pop to whoever calls you pop.
If you had no earnings, were unemployed or are unemployed, you are still eligible! This was a huge question on my unemployment video, so I wanted to answer that puppy on the upfront.
If you’re not eligible per your 2019 or 2018 tax returns, you could submit at least 2 months of consecutive paychecks to verify income...that's just two months! So if you’ve got inconsistent income, especially now, you’re in luck.
College students: You’re actually getting this one! The same goes for disabled adults who are claimed as dependents. The one claiming you as the dependent will be the one collecting the $2000 a month on your behalf.
On top of the usual direct deposit--Venmo, Zelle, PayPal, and prepaid debit cards are viable options to receive the money.
We will likely see more of this in the future because we keep finding that the government teams up with companies to utilize their infrastructure. These companies probably love having money pumped through their apps while at the same time looking like a hero.
Another thing that’ll help you out is this money doesn’t count as income and wouldn’t hurt you with trying to qualify for any state or federal assistance program.
This new stimulus package should be enacted in 14 days after the bill passes. But it has to pass the senate and Trump has to sign as well. So, if they pass it, I believe they’ll time it to where the money really starts coming out once the $600 a week unemployment well is near its end or goes dry.
They are also pushing for a telephone hotline where you can call in to handle that. But that’s going to need so many teleworkers that we’ll definitely be below the 60% threshold. (Perhaps just have the SBA do it. They were very helpful and their answers never conflicted one another….not once.)
Okay but how does this work?
This bill is being considered at a time when another 5.25 million people filed for unemployment.
Additionally, 6 states (including big ones like California, New York, Texas and Ohio) only have 10 weeks of benefits before they need to go to the Feds to request more money - per The Tax Foundation.
So maybe this puppy will get passed on that notion alone given you’ve got the biggest blue and red states just right there.
These payments are not just some one time thing like the $1200 stimulus check. No, this would be slated to continue for a minimum of 6 months and a maximum of 12 months. Or until 60% of the population (ages 16 and older) have a job. (So basically….no one get a job!)
They’re talking 6-12 months into the future after this passes, which is sort of telling. We might be in a depression if this thing goes into full effect. Because here’s the thing: As of today our real unemployment rate is nearing 18% per Forbes. So the issue would have to slightly more than double before this takes effect.
So this may go down one of two paths:
1. This bill is just made to make us feel better, but in reality we will never actually reach it.
OR
2. It's actually going to get that bad.
This is going to cost $400 billion a month. But, hey, it's printed money! This means $2.4 trillion is the minimum if enacted for the 6 months.
----
// Equipment I use (Yes Including my giant computer monitor)
Samsung 49 Inch Monitor
amzn.to/3chE10U
Samsung Monitor Deluxe
amzn.to/34H1INy
I - Robert (Bob) Collopy - am not a CPA, attorney, insurance, or financial advisor and the information in these videos shall not be construed as tax, legal, insurance, construction, engineering, health and safety, electrical or financial advice. IF stocks or companies are mentioned, Robert (Bob) Collopy MAY have an ownership interest in them -- DO NOT make buying or selling decisions based on Robert (Bob) Collopy’s videos. If you need ANY professional advice, please contact a qualified CPA, attorney, insurance agent, contractor/electrician/engineer/etc. financial advisor or the appropriate professional for the subject you would like help with. Linked items may create a financial benefit for Robert (Bob) Collopy. Any use of other media is by fair-use only.
Sole Property of Robert (Bob) Collopy
Licensed With:
Fort Lowell Realty and Property Management Inc.
3020 E Camelback Rd #255, Phoenix, AZ 85016
www.flrpropert...